The deadly coronavirus has claimed almost 34,000 lives worldwide, hitting businesses and consumers.

Its global spread has dampened hope of a quick recovery in export-dependent China, where the pandemic first erupted in December.

The latest move comes as governments and central banks around the world ease monetary policy and unveil titanic stimulus measures worth around $5 trillion to counter the economic impact of the pandemic.

Forecasters warn the pandemic will cause a deep recession.

However, Monday’s move appears to have had little impact on market sentiment.

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